97/616/EC: Commission Decision of 21 May 1997 on the aid… Article 3

Article 3

1. The guarantees given by the Land of Bremen, covering DM 32,5 million and DM 31,6 million, as well as the grant of DM 3,794 million and the defraying of losses of DM 6,70 million financed by the Land of Bremen in respect of container vessel No 111, is to be considered State aid within the meaning of Article 92 (1) of the EC Treaty. 2. The State aid mentioned in paragraph 1 is approved as closure aid within the meaning of Article 7 of Directive 90/684/EEC.